This holiday season, online retailers’ out-of-stock products are expected to rise 360% from 2019. Electronics is one of the most affected categories. Chip shortages and supply chain slowdowns are hitting the tech industry hard, raising prices by as much as $50 per gadget. While many people have gaming consoles, smartphones, and tablets on their wish list, shopping early isn’t enough to ensure these items will be available.
How bad are the issues affecting the supply chain? Consider 3 popular ways in which goods enter the US. Sending a 40-foot container from Asia to the US costs nearly 14 times what it did 2 years ago. Asia-US air cargo rates are up 40% since the end of August 2021. Average ship times in trucking are up from 40 days in 2019 to 73 days in 2021. Every extra day increases labor and fuel costs.
Savvy consumers should consider regifting used tech. Investing in quality repairs could reduce household spending on electronics by 22%. Tech repair circumvents the supply chain, is eco-friendly, and can restore devices to like-new condition. Unless they’re picky about the absolute newest model, people can still mostly get the tech they want in the used market.